Inflation-adjusted hourly wages, meanwhile, fell by 0.2% in October. Wages fell slightly, even as consumer prices rose, to account for the decline.

Real wages have fallen 0.7% over the past 12 months, meaning consumers have less buying power compared with one year ago.

Consumers got some relief in October, however, from the falling price of gasoline. The government’s price index of gas, which spiked 16.6% from July to September, tapered off 0.6% last month.

The more important number to consumers — the actual cost of a gallon of gas — fell by almost 7% in October and retail prices continued to decline in the first two weeks of November. The average national cost is about $3.50 a gallon, down from nearly $4 a few months ago.

Falling costs of gasoline and natural gas led to a 0.2% drop in the government’s broader fuel index. Energy prices are still 4% higher compared with one year ago, however.

Pricier food

Food costs, on the other hand, climbed 0.2% last month. A major drought during the summer boosted the price of many crops, including those used to feed livestock. The cost of a wide variety of foodstuffs, ranging from dairy and vegetables to meat and poultry, increased in October.

Over the past 12 months, food prices have risen an unadjusted 1.7%.

Excluding food and gas, core consumer prices rose 0.2% in October, mostly because of higher rents and rising prices for homes. That was faster than the 0.1% increase expected in the MarketWatch survey.

Core prices have risen an unadjusted 2.0% over the past year, unchanged from the prior month, and within the Federal Reserve’s target for inflation.

The core rate is viewed by the Federal Reserve as a good barometer of long-term inflationary trends because food and energy costs can jump sharply from month to month.

The broader consumer price index has risen an unadjusted 2.2% over the past year, up from 2% in the prior month.

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